IAS34_06 - IAS 34 International Accounting Standard 34...

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IAS 34 © IASCF 1425 International Accounting Standard 34 Interim Financial Reporting This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005.
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IAS 34 1426 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN9 INTERNATIONAL ACCOUNTING STANDARD 34 INTERIM FINANCIAL REPORTING OBJECTIVE SCOPE 1–3 DEFINITIONS 4 CONTENT OF AN INTERIM FINANCIAL REPORT 5–25 Minimum components of an interim financial report 8 Form and content of interim financial statements 9–14 Selected explanatory notes 15–18 Disclosure of compliance with IFRSs 19 Periods for which interim financial statements are required to be presented 20–22 Materiality 23–25 DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS 26–27 RECOGNITION AND MEASUREMENT 28–42 Same accounting policies as annual 28–36 Revenues received seasonally, cyclically, or occasionally 37–38 Costs incurred unevenly during the financial year 39 Applying the recognition and measurement principles 40 Use of estimates 41–42 RESTATEMENT OF PREVIOUSLY REPORTED INTERIM PERIODS 43–45 EFFECTIVE DATE 46 APPENDICES A Illustration of periods required to be presented B Examples of applying the recognition and measurement principles C Examples of the use of estimates
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IAS 34 © IASCF 1427 International Accounting Standard 34 Interim Financial Reporting (IAS 34) is set out in paragraphs 1–46. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 34 should be read in the context of its objective, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 34 1428 © IASCF Introduction IN1 This Standard (IAS 34) addresses interim financial reporting, a matter not covered in a prior Standard. IAS 34 is effective for accounting periods beginning on or after 1 January 1999. IN2 An interim financial report is a financial report that contains either a complete or condensed set of financial statements for a period shorter than an entity’s full financial year. IN3 This Standard does not mandate which entities should publish interim financial reports, how frequently, or how soon after the end of an interim period. In IASC’s judgement, those matters should be decided by national governments, securities regulators, stock exchanges, and accountancy bodies. This Standard applies if a company is required or elects to publish an interim financial report in accordance with Standards. IN4 This Standard: (a) defines the minimum content of an interim financial report, including disclosures; and (b) identifies the accounting recognition and measurement principles that should be applied in an interim financial report. IN5
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IAS34_06 - IAS 34 International Accounting Standard 34...

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